Sponsoring Company Finance, Investment and Pension Plan Funding
建立模型分析公司财务与投资决策如何影响其固定收益养老金计划的融资，探讨养老金赤字、盈余及债务对投资激励的作用，并考察养老金保险和最低融资要求的效果。
This article presents a model of the interaction of a company's financial and real investment decisions with the financing of its defined benefit pension plan. The pension plan deficit is a debt of the company, with explicit funding requirements and priority in the event of company insolvency. Pension plan deficits and options on future deficits and surpluses affect investment incentives as does the size and composition of company debt. We examine incentives for the firm to pay dividends rather than fund the pension plan and incentives to overfund the pension plan. The effects of pension benefit insurance and minimum funding requirements are shown. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.